Cryptocurrency, Blockchain and buy Roujcoin now [ROU] - The Bear and Badger

Brooks

I wouldn't relish the task of redoing banks' software back ends to cope with the new under any circumstances.

Dinostar77

@lester any advice on what exchange to use? I use coinbase at mo but transactions fees are a bitch. Also where is best to buy alto currency from and do you have to convert it to bitcoin? The bitcoin frenzy means you get less alto currency when exchanging fiat currency to bitcoin to alto currency.

Any advice?

cockbeard

Brooks wrote:

I wouldn't relish the task of redoing banks' software back ends to cope with the new under any circumstances.

Never happens, they almost always build on top of old, because there's the merest risk of data loss, they daren't rebuild and transfer data

LesterUnlimited

Dinostar77 wrote:

@lester any advice on what exchange to use? I use coinbase at mo but transactions fees are a bitch. Also where is best to buy alto currency from and do you have to convert it to bitcoin? The bitcoin frenzy means you get less alto currency when exchanging fiat currency to bitcoin to alto currency. Any advice?

Coinbase also own GDAX which has lower fees. You can transfer for free between the two and then pay much less to transfer off of GDAX. The exchanges I mostly use are Binance and Bitstamp.

Remember, if you ever start owning any significant amount in crypto, use a hardware wallet like Trezor or Ledger. If you don't know what your seed key is, the crypto isn't yours.

WorKid

Invest in Lego.

LesterUnlimited

WorKid wrote:

Invest in Lego.

LesterUnlimited

cockbeard wrote:

Brooks wrote:

I wouldn't relish the task of redoing banks' software back ends to cope with the new under any circumstances.

Never happens, they almost always build on top of old, because there's the merest risk of data loss, they daren't rebuild and transfer data

I wonder how long that can continue for? All the companies I worked for who migrated their AS400 to Oracle or other new systems went to fucking shit so I can appreciate why they would want to stay old but working.

Dinostar77

Cheers bud, I've been looking at the ledger nano s wallet, however I'm playing with a fund of under £100.

For now an encrypted USB key will suffice.

LesterUnlimited

Dinostar77 wrote:

Cheers bud, I've been looking at the ledger nano s wallet, however I'm playing with a fund of under £100. For now an encrypted USB key will suffice.

No worries. That's the next best thing.

Escape

g.man wrote:

He's still the one I run to.

Crypt me, baby, one more dime.

Dinostar77

Been following the alto coins markets close this past week or so. It's been interesting to see how much they fluctuate, depending on what happens with Bitcoin.

Personally more interested in the alto that are valued under £1 per coin, idea being that they will be longer term holds.

Been reading various Whitepaper for the different currencies, some more engaging than others to read. It's definitely an area that could have huge ramifications for many industries and Fiat currencies as well. However it's all still very immature.

The more reputable exchanges only deal with the major crypto currencies I.e. Bitcoin, etherium and litecoin. It's a faff to try to buy a currency that is lesser well known. That's why I believe we are seeing volatility in the price of etherium and lite coin.

It doesn't help that some of the exchanges ask for background information that makes you uncomfortable. I. E. 2 forms of ID, bank statements etc. Questions arise, who owns this exchange? Where is my data being stored? Is my personal information safe?

In the end I've decided to stick with coinbank and gdax (it's sibling exchange) for any import of Fiat currencies. I don't trust the others. I'll create accounts on them because I have to trade with my BTC in order to buy the lesser known currencies but I'll make sure I leave no coins hanging around on their exchanges.

I don't know why I'm so interested in this area, stocks and shares don't interest me but this does. Could be the techie angle combined with how block chains and other alternatives work that has gone up my flagpole.

Brooks

Comparatively dramatic returns, a smaller number of players and very little regulation are probably quite important.

[Deleted User]

Dinostar77 wrote:

Been following the alto coins markets close this past week or so. It's been interesting to see how much they fluctuate, depending on what happens with Bitcoin.

Personally more interested in the alto that are valued under £1 per coin, idea being that they will be longer term holds.

Been reading various Whitepaper for the different currencies, some more engaging than others to read. It's definitely an area that could have huge ramifications for many industries and Fiat currencies as well. However it's all still very immature.

The more reputable exchanges only deal with the major crypto currencies I.e. Bitcoin, etherium and litecoin. It's a faff to try to buy a currency that is lesser well known. That's why I believe we are seeing volatility in the price of etherium and lite coin.

It doesn't help that some of the exchanges ask for background information that makes you uncomfortable. I. E. 2 forms of ID, bank statements etc. Questions arise, who owns this exchange? Where is my data being stored? Is my personal information safe?

In the end I've decided to stick with coinbank and gdax (it's sibling exchange) for any import of Fiat currencies. I don't trust the others. I'll create accounts on them because I have to trade with my BTC in order to buy the lesser known currencies but I'll make sure I leave no coins hanging around on their exchanges.

I don't know why I'm so interested in this area, stocks and shares don't interest me but this does. Could be the techie angle combined with how block chains and other alternatives work that has gone up my flagpole.

You could buy JPY cos you get more for 1£, but it doesn't mean shit either way. You're interested in this area cos there are hooks all over for fish to sink their teeth into, I'd tread very carefully.

That said, if you'd bought litecoin like I recommended, you'd be up considerably already.

Why not buy 20 pounds worth of bitcoin? Proof of work consensus demonstrably works, and market cap is very high.

LesterUnlimited

It's because of regulation that you need to register with reputable exchanges. Although for many, if you're not going to be trading FIAT you don't need to register.

Alts fluctuate because you can only buy or sell them with BTC.

Cheap alts worth researching right now are Ripple and Tron. Ripple had it's surge last night on the back of adoption news by Asian banks and Tron... Looks interesting. Not sure yet but it's like a slow tide at the moment and probably going to hit £0.01 tonight.

[Deleted User]

I approve of this Halal business when it comes to finance.

https://www.coingecko.com/buzz/bitcoin-islam-islamic-banking-finance?locale=en

WorKid

Guys how do I use bitcoin to unlock the trolley in Asda?

poprock

I thought that’s what everyone was using leftover old-style pound coins for?

Dinostar77

https://medium.com/@preethikasireddy/fundamental-challenges-with-public-blockchains-253c800e9428

Astonishingly good read. This girl really knows her stuff. Probably the best bit of info on cryptocurrency I've ever read. Eye-opening.

LesterUnlimited

That's actually a really good article. One thing item that Bitcoin is being criticised for is it's energy consumption but I don't think it's entirely fair. No-one is acknowledging the amount of resources required to operate FIAT currencies. They all need offices and all the energy costs that go with running bricks and mortar with people inside. They also have to mine the planet for metal in their coins, use paper and plastic for notes and then they also have to burn a ton of fossil fuels transporting this all around. I'm not saying X is OK because of Y, but trying to put some perspective on this.

[Deleted User]

LesterUnlimited wrote:

That's actually a really good article. One thing item that Bitcoin is being criticised for is it's energy consumption but I don't think it's entirely fair. No-one is acknowledging the amount of resources required to operate FIAT currencies. They all need offices and all the energy costs that go with running bricks and mortar with people inside. They also have to mine the planet for metal in their coins, use paper and plastic for notes and then they also have to burn a ton of fossil fuels transporting this all around. I'm not saying X is OK because of Y, but trying to put some perspective on this.

Are you saying mining for metals would not occur if crypto replaced fiat? The point of fiat currency is that it does not rely on real assets, eg gold. Neither does bitcoin. People would still mine for metals etc.

I don't agree with you at all. If bitcoin replaced fiat, the energy consumption required to run it would obviously dwarf anything like the lights on at the BoE and their equivalent's offices, their computers etc.

I haven't read the article yet, but the other side of PoW is also the economic incentive. As far as I'm concerned the only crypto proved to work on any large scale is bitcoin, and it works because of the resource intensive mining task AND the inbuilt economic incentive to mine. Jury is still out on proof of stake and other consensus models.

Dinostar77

I do agree with her (article writer) that bitcoin won't scale and therefore any crypto relying on the blockchain as it is currently setup won't gain mass adoption. The fact that etherium and bitcoin can only process 3-5 transactions per second, compared to visa which does 3500 per second demonstrate the issue with the blockchain.

Also on a sidenote, maybe a preventative measure, but amazon have registered some amazon currency related domain names. If Amazon go down the route of their own blockchain and currency. Bitcoin will definitely have a problem.

WorKid

Why do they need 'new' bitcoin? Why not just go - there's a million of them, sort it out amongst yourselves.

That's literally the most confusing bit for me. Why is there an artificial "supply" of made up stuff?

Dinostar77

WorKid wrote:

Why do they need 'new' bitcoin? Why not just go - there's a million of them, sort it out amongst yourselves.

That's literally the most confusing bit for me. Why is there an artificial "supply" of made up stuff?

https://hackernoon.com/bitcoin-ethereum-blockchain-tokens-icos-why-should-anyone-care-890b868cec06

Answers your question

LesterUnlimited

Dinostar77 wrote:

I do agree with her (article writer) that bitcoin won't scale and therefore any crypto relying on the blockchain as it is currently setup won't gain mass adoption. The fact that etherium and bitcoin can only process 3-5 transactions per second, compared to visa which does 3500 per second demonstrate the issue with the blockchain. Also on a sidenote, maybe a preventative measure, but amazon have registered some amazon currency related domain names. If Amazon go down the route of their own blockchain and currency. Bitcoin will definitely have a problem.

Ripple XRP can hit 1,000 per second.

If Amazon develop their own currency the problems I see are:

1) Where can you spend it? Who will accept it?

2) If it's only on Amazon, I don't see the point of buying an Amazon Coin just so I can spend it with Amazon. Maybe it can be used as a voucher?

3)If they want large scale adoption, they're going to have to market it so hard but it might be doable. There's some huge steps their coin have to overcome to displace Bitcoin.

Brooks

My unmoney's on this then.

AndCallMeCharlie

Been getting into the alt coins during my Christmas break, got some cardano at just the wrong time but will hold for as long as it takes as they seem to be addressing some of the key limitations of crypto currency and have a psn experienced team
Lot of noise about tron

GooberTheHat

Anyone got any links to how to create your own offline crypto wallet? A friend is interested in getting some currency, but I want to advise them on how to do it securely if they do. As I understand it a hardware wallet with a paper wallet backup is the most secure way?

Dinostar77

Yes Goober that's correct. Ideally a hardware wallet is best with the private keys written down on a piece of paper and stored securely.

My advise to your friend would be for him to register himself with Coinbase. Coinbase will let you change fiat currency into bitcoin, etherium and lite coin. He can transfer funds into Coinbase via a bank transfer or a credit card.

If he then wants other currency such as Ripple or Cardano or Neo etc, he'd have to use a different exchange that deals with that currency and different software wallets (yes it's daft but it's an immature industry).

That's what I did and found it quite straightforward. I transferred my "software wallet" to a USB key for offline storage.

Revolut is well worth a look at as well for getting money into an online exchange.

hylian_elf

Quite a few of you into this crypto stuff then? I’m playing safe and sticking to precious metals and O&G.

acemuzzy

hylian_elf wrote:

Quite a few of you into this crypto stuff then? I’m playing safe and sticking to precious metals and amiibo.

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